E.A. Goodman Law, LLC is a premier estate planning practice serving clients in Morris County, New Jersey. We understand the unique needs of individuals, families, and business owners and work to help them achieve their estate planning objectives. We are up-to-date on the current trust, estate, and tax laws and provide each client with innovative asset protection and wealth preservation strategies.
Whether you require a will-based plan or can benefit from establishing trusts, we will provide you with the tools you need to design your financial future. Contact our Morristown office today to schedule your initial consultation.
Why Morris County Residents Need An Estate Plan
Although Morris County is one of the wealthiest counties in the state as well as the nation, residents here come from all walks of life. We believe that everyone needs an estate plan, regardless of financial status. For this reason, we work with clients to create essential estate planning documents, including:
- Will — This is the most basic estate planning tool that establishes how your assets will be managed and distributed after you pass away. Also, a will allows you to name guardians for your minor children and provide for their care through a testamentary trust.
- Durable power of attorney — This is an important legal document in which you designate a trusted person to act as your agent to manage your personal and business affairs if you become incapacitated due to an illness or injury.
- Advance health care directive — Also known as a healthcare proxy, this document allows you to appoint a healthcare representative to make decisions about your medical care if you cannot communicate those wishes.
- Revocable living trust — A living trust takes ownership of your property but allows you to continue managing during your lifetime and is designed to avoid probate, plan for incapacity, and minimize estate taxes.
Trust our legal team to help you create a plan that will protect you, your assets, and your loved ones and advise you about all your estate planning options.
High-Net-Worth Estate Planning Attorney in Morris County
At E.A. Goodman Law, LLC, we work with high-net-worth individuals to design advanced estate planning protection strategies, such as:
- Tax-Free Annual Gifting — The current annual gift tax exclusion is $15,000 for individuals ($30,000 for married couples), which means that annual gifts up to his amount can be made to as many individuals as you like each year with no tax consequences. In short, tax-free annual gifting allows you to provide your loved ones with a portion of their inheritance while you are living and reduce the taxable value of your estate.
- Charitable Trust — A charitable trust combines gifting with charitable donations and is designed to minimize estate taxes and allow you to leave a charitable legacy. For example, in a charitable remainder trust, a designated beneficiary receives trust income for a set period of time. After that period ends, the remainder is provided to a named charity (e.g. university, medical center, nonprofit organization).
- Qualified Personal Residence Trust (QPRT)— For estate planners in Morris County, a home is typically one of the most significant assets in their estate. By creating a QPRT, it is possible to reduce estate taxes. In this arrangement, title of the home is transferred into the trust for the benefit of family members. The owner is permitted to live in the home for a specified time period and then the property passes to the named beneficiaries without additional estate or gift tax consequences.
- Irrevocable Life Insurance Trust (ILIT) — Life insurance proceeds pass outside of an estate, but they are included in the taxable value of the estate. An ILIT can be established to hold the policy, which excludes the proceeds from the estate and protects the named beneficiaries. The proceeds may be used to pay estate taxes, debts, and final expenses, and provide income to a surviving spouse or children.
Our firm regularly advises high-net-worth individuals about these and other advanced estate planning strategies. Let our experienced Morris County estate planning attorneys help you to design a plan that protects your assets, provides for your loved ones, and preserves your wealth for future generations.
Why Choose E.A. Goodman Law, LLC
Whether you need to create a will to protect your new family or you have accumulated significant assets, you need the trustworthy advice we provide. When you consult with us, we will take the time to learn about your life, understand your estate planning objectives, and tailor an estate plan to your unique needs. Above all, we adhere to the highest ethical standards and will always work in your best interests.
Contact Our Experienced Morris County Estate Planning Attorneys
At E.A. Goodman Law, LLC, we are committed to providing you with quality legal representation and dependable service. Because planning an estate is not a “once and done” arrangement, we also provide ongoing counsel to ensure that your estate plan is aligned with life’s transitions. Contact our office today so we can start planning your estate.